The 65-acre parcel that has been purchased at California Commerce Center South was acquired by developer Jay Jaeger, who plans to start construction there in January on the 1 million-square-foot Airport Commercentre South.
Jaeger's Newport Beach-based Jaeger Properties will develop the three-phased, 60-acre project, to be built by Fullmer Construction of Diamond Bar, at a cost of $50 million. Designed by Ware & Malcomb Architects of Irvine, it will ultimately contain multi-tenant, warehouse/distribution, research-and-development and office space.
"Since 1983, we have developed more than 850,000 square feet in California Commerce Center (the business park in which California Commerce Center South is located)," Jaeger said.
His decision to be the first developer to break ground at California Commerce Center South was influenced by his success in the rest of the master-planned development. Jaeger said that 80% of the space he has developed there is already leased.